Income Declaration Scheme extended to September 2017

The Centre announced an extension of a deadline under the Income Declaration Scheme, aimed at bringing undeclared income and assets into the tax net to, September 30, 2017. 

The NDA Government has decided to stagger the due dates for the payments. According to the new plan, a minimum of 25 per cent of the tax, surcharge and penalty is to be paid by November 30, 2016, another 25 per cent by March 31, 2017, and the remaining amount by September 30, 2017. 

The previous deadline for the entire payment of the tax, interest, and penalty was November 30, 2016. 

“During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the scheme up to November 30, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid form are not readily available with the declarants,” according to a statement from the government.

“It has also been mentioned that for making payment by November 30, 2016, the declarants may have to opt for distress sale of the assets.”